SkyePharma Seeks to Terminate Solaraze Agreements With Bioglan
LONDON, Nov. 20 /PRNewswire/ -- SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
today announces that it has served notice to terminate all agreements with
Bioglan Pharma PLC (LSE: BGP) concerning the licence of the product Solaraze
for marketing in Europe, USA, Canada and Mexico. Bioglan has been asked to
provide redress for certain material breaches raised in the notice. The
agreements provide for SkyePharma to receive payments from Bioglan totalling
$10 million by the end of this year.
Solaraze has already been launched in Europe as a treatment for actinic
keratosis, a growing pre-cancerous skin problem linked to prolonged sun
exposure. The product has been well received by European clinicians and
patients and has now also been approved for launch in the United States.
Michael Ashton, SkyePharma's Chief Executive Officer, commented: "We
believe that the receipt of US and EU approvals, and the positive reception
the product has received from the European market, have substantially enhanced
the attractiveness of Solaraze to other companies. Should the agreements with
Bioglan terminate, we will move rapidly to secure alternative marketing
partners, and have already received approaches."
This press release may contain forward-looking statements regarding
SkyePharma PLC. Actual results may differ materially from those described in
the press release as a result of a number of factors. The Company undertakes
no obligation to revise or update any such forward-looking statement to
reflect events or circumstances after the date of this release.
020 7491 1777
Michael Ashton, Chief Executive Officer
Valerie Tate, Head of Investor Relations
+1 (212) 753 5780
U.S. Investor Relations
020 7831 3113
David Yates/Jonathan Birt
SkyePharma PLC, one of the world's leading drug delivery companies,
provides innovative services to major pharmaceutical partners from the point
of drug discovery through the approval process. Its five technologies, oral,
injectable, inhalation, topical, and nanoparticulate solubilisation encompass
the vast majority of delivery systems in use by the pharmaceutical industry.
For more information, visit SkyePharma's web site http://www.skyepharma.com.
Solaraze, currently approved for marketing in five member states of the EU
(France, Germany, Italy, Sweden & UK), is a topical gel for the treatment of
actinic keratosis, a pre-cancerous skin condition caused by over exposure to
the sun. Solaraze utilizes SkyePharma's Hyaluronan Induced Targeting
transdermal delivery technology. Age, sun exposure and fair skin are risk
factors for the development of actinic keratosis which, if left untreated, may
develop into squamous cell carcinoma. The market for actinic keratosis is
estimated at $250 million in the U.S. alone. Approximately 1.3 million people
are diagnosed with actinic keratosis annually in the U.S.
SOURCE SkyePharma PLC
CONTACT: Michael Ashton, Chief Executive Officer, or Valerie Tate, Head
of Investor Relations, firstname.lastname@example.org, both of SkyePharma PLC,
+020 7491 1777; Lisa Carlton-Wilson, U.S. Investor Relations +1-212-753-5780,
or email@example.com; David Yates or Jonathan Birt of Financial Dynamics,
020 7831 3113, all for SkyePharma PLC/